SapuraKencana Wins Multiple Contracts

Malaysian oil and gas services firm SapuraKencana Petroleum Bhd today announced that its wholly-owned drilling subsidiaries have been awarded one new contract and three contract extensions.

SapuraKencana Drilling Pte Ltd, a company incorporated in Singapore and wholly-owned by SapuraKencana, has been awarded the contract by Total E&P Congo for the provision of its Semi-Tender Assist Drilling Rig SKD Berani for a period of one year with an option for an extension of one year.

Total Congo intends to utilise SKD Berani for its workover and development drilling campaign offshore Republic of Congo. The contract will commence in April 2014 until March 2015 and is valued at approximately $108 million.

SapuraKencana Drilling Sdn Bhd, a company incorporated in Brunei and wholly-owned by SapuraKencana, has accepted an extension to its contract with Brunei Shell for the provision of offshore drilling rig and services by its Semi-Tender Assist Drilling Rig SKD Pelaut.

Brunei Shell will continue to utilise SKD Pelaut for its development drilling campaign offshore Brunei. Contract extension is for a period of two years commencing April 2015 until March 2017 and is valued at approximately $92 million.

SapuraKencana Drilling Asia Limited, a company incorporated in Hong Kong and wholly-owned by SapuraKencana, has accepted an extension to its contract with Cabinda Gulf Oil Company Limited (CABGOC) for the provision of Tender Assist Drilling Rig SKD Setia. CABGOC will continue to utilise SKD Setia for its development drilling campaign offshore Cabinda, Republic of Angola. Contract extension is for a period of two years commencing August 2014 until July 2016 and is expected to increase the total contract value by approximately $164 million.

SKD Asia has also accepted an extension to its contract with Chevron Thailand for the provision of the Tender Assist Drilling Rig SKD T-12.

Chevron Thailand will continue to utilise SKD T-12 for its development drilling campaign in the Gulf of Thailand. Contract extension is for a period of two years commencing March 2014 until end of March 2016 and is expected to increase the total contract value by approximately $90 million.

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sapurakencana, April 1, 2014